Primaris (PMZ) continues to execute its playbook, acquiring Upper Canada Mall for $411M from Oxford and CPP in a deal that high-grades the portfolio…

… and has the same value creation levers as previous mall acquisitions, with a significant opportunity to replace bankrupt tenants (Hudson’s Bay, Toys R Us, Sears) at market rents.

Executing that playbook should restart meaningful growth in same-property NOI…

… which investors are starting to price in, as PMZ has dramatically outperformed its retail REIT peers this year. Sometimes, it just takes time for the market to wake up.

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